AIB Data Centers Inc. Emerging Growth Conference

Thank you for having us.

Thank you, Anna. Good afternoon to everyone, and thank you for having us and for joining us today. Before we begin, this presentation contains forward-looking statements, including statements about our development plans, power capacity, and commercial opportunities. Actual results may differ materially. Please review the disclaimer on this slide and the risk factors in our SEC filings. First of all, I'm just going to chat briefly about our corporate overview. Here's our business in a snapshot. We convert existing powered land and brownfield sites into AI and HPC-grade colocation facilities. Three things define how we do that. First of all is we're a power first organization. Every site is backed by an executed ESA and grid tied to available generation and transmission. We do not break ground on the hope of interconnection. Secondly, we're owner agnostic. Our tenants bring their own GPUs under modified triple net leases.

We carry no hardware risk and no residual value risk. Third, we have an AI-optimized design, 150 kilowatt per rack, liquid-cooled, N+1 redundancy delivered in 9-10 months. The numbers on the bottom of this slide indicate that we have our scoreboard of 65 megawatts of contracted power, about 140 megawatts under development, and about 570 megawatts of total identified capacity. Now we'll talk about our market backdrop and why does power first matter? Because the constraint in this industry has moved. Data center power demand is compounding at 38% per year through 2030. Grid additions are growing at only 2%-3%. This is not a gap you close with capital. $720 billion of grid investment is needed, and interconnection queues in primary markets already run 5-6 years. Meanwhile, North American data center vacancy is at only 1%.

Hyperscalers are committing more than $1 trillion to development. U.S. capacity goes from about 15.5 gigawatts today to a projected 95 gigawatts by 2030. The scarce input is not land, and it's not capital, and it's not GPUs. It's a signed agreement with a utility that can actually deliver. This is what we go and get first, being a power first organization. Gary will now spend some time talking about our pathway to success, then I will take you through the quarter, and we'll open it up to questions.

Thank you so much, Jolienne. We have three differentiators that we feel really separate us from the market, people, power, and pipeline. People, this is important to understand as a new data center operator, AIB does not have the pedigree of operational excellence. However, our team does. We put strategic stakeholders in place, whether it's 30 years of experience from our GCs, our project managers, our procurement team, working with companies such as AWS, working with some of the biggest REITs such as Digital Realty. Individuals like myself that's had over 10 years of experience working with all the major hyperscalers and neo clouds from a sales perspective. It's just not the team that we have built internally, but it's also important to note that we are putting key strategic vendors in place as partners to help us execute on our goals and our mission.

We have the best in class when it comes to hiring engineer firms, design firms, GCs, and even operators such as CBRE, JLL, T5, just to name a few. Moving on to power, Jolienne already spoke to this. We are a power first strategy. We are not going to offer any land to any potential customers where the power is not already secured. We are not marketing theoretical power. We are developing sites that already have the power purchasing agreements already in place. Because at the end of the day, the bottleneck is not the land. It is the utility agreements. It is the transmissions. It is the delivery schedules. Ensuring that we are a power first strategy and we have the power already in place gives us a leg up on the market. Finally, pipeline. I have been very fortunate over my career to have cultivated, and so has many other key stakeholders and execs on our team, relationships with the top hyperscalers and really what our target market is, the tier I, II, III neo clouds.

When we talk about pipeline, it is not just understanding what neo clouds, what AI companies need power, but it is understanding what their capacity roadmaps are. We have visibility to who their off-takers are, what those SLAs are, what their capacity roadmap looks like. How many gigawatts of capacity are they behind schedule over the next 12 to 24 months? Which one of those customers is easier to do business with? Which ones go straight past an LOI and go straight into contract negotiations? Which ones have outside legal counsel?

Having the opportunity to work with many of these neo clouds for over half a decade now, we really understand the structure, workflows, and processes of how they select sites and how they move forward through the sales process themselves. That gives us great visibility in understanding our pipeline, which also then allows us to go out and strategically get sites with three or four AI companies or three or four potential customers already in mind for that specific site. Jolienne, would you like to talk more about our management team in greater detail?

Sure. I will just add a couple comments here. Briefly, Jerry, our CEO, has spent 20 years as a senior executive in global banking and infrastructure development. So he is that rare combination of an executive who has banking and finance experience, commercial real estate, and he also understands power and the data center industry because we have had a successfully operating data center since 2021, and Jerry was involved every step of the way of that construction. I myself am a CPA with more than 20 years of senior finance roles, starting my career at Deloitte and working through Siemens Energy and Weatherford before I landed with Jerry and his team. Chris Iannacone is our Director of Construction, over 3 gigawatts of data center construction experience. Gary talked about his experience with Google and Dell. Alex Ocello brings nearly two decades of data center leadership from Digital Realty, Switch, and ECS.

But the point isn't the logos, and the point is that nobody is learning as we go. We bring decades of diverse and high-level experience.

I can take this. So talking about the power, it's all about speed to market and having a credible path to deliver. There's thousands of data center projects right now, but a small fraction of them can actually deliver the power. And how are we able to navigate the speed to market and, quite frankly, the demand for power right now? And it goes back to the relationships that Jerry has built. We were- He- I wonder if- Energized assets that were previously crypto mining entities, and giving us the opportunity to have a first look and visibility into many potential sites that aren't on the market yet.